E-Trade profit falls 16%

SAN FRANCISCO (MarketWatch) -- E-Trade Financial Corp.
ETFC, -1.40%
reported late Thursday its second-quarter profit fell to $39.5 million, or 14 cents a share, from $47.1 million, or 16 cents, a year ago. Revenue for the quarter fell to $452.4 million from $517.6 million. Analysts polled by FatSet had predicted the online stock brokerage would post earnings of 11 cents a share on $439 million in revenue. "While we are encouraged by this performance, we continue to face a challenging macro-economic environment with low levels of retail investor engagement," Chief Executive Officer Steven Freiberg said in comments accompanying the report. E-Trade shares slipped 2 cents to $7.80 in after-hours trade. The stock is down 40% over the past 12 months.

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